bertie 11:55 Tue Oct 3
Keeping money safe
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Hoping some of you financially savvy types can help here.
My uncle has sold his house and is renting until his new place is built next year. He is a bit paranoid about the banks. Would I be right in saying to technically protect his money for the next year he needs to split across a few banks up to £85k for the protected limits.
Or is National Savings as safe for a lump sum? Cheers
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Replies - Newest Posts First ( Show In Chronological Order)
Ronald_antly
1:32 Mon Oct 9
Re: Keeping money safe
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bertie 7:15 Sat Oct 7
I bought mine for cash. I live in Australia, but I can't see why it would be any different back in the Old Country.
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Westham67
12:20 Sun Oct 8
Re: Keeping money safe
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Ronald_antly 6:35 Sat Oct 7
Its called a jewellery box Ron
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bertie
7:15 Sat Oct 7
Re: Keeping money safe
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Ronald is the bullion the sort of thing you can buy for cash or does it get logged electronically on some sort of register.
Just thinking it could be a good IHT and long term care costs dodge. Buy it for cash, store it somewhere safe and it need never show up on any probate.
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SurfaceAgentX2Zero
11:02 Sat Oct 7
Re: Keeping money safe
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At least these days you don't have to worry about getting paid any actual interest.
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Far Cough
10:53 Sat Oct 7
Re: Keeping money safe
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You could have a whole set of safes a la Matryoshka doll stylee
Could catch on
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Ronald_antly
10:43 Sat Oct 7
Re: Keeping money safe
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Perhaps a quiet Chortle. No need to get carried away.
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Coffee
7:58 Sat Oct 7
Re: Keeping money safe
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Would an Ag be appropriate here?
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Private Dancer
7:43 Sat Oct 7
Re: Keeping money safe
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To be fair, keeping a safe in a safe is a pretty novel idea, and very safe. It may well catch on.
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Ronald_antly
7:36 Sat Oct 7
Re: Keeping money safe
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I hadn't really considered that Coffers, but now you mention it, I might acquire a larger safe in which to store the existing one.
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Coffee
7:14 Sat Oct 7
Re: Keeping money safe
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Do you have any plans to procure a larger safe?
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Ronald_antly
6:35 Sat Oct 7
Re: Keeping money safe
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bertie
Good question. You can buy 'paper' gold/silver. However, that runs the risk that whoever is selling you this might be oversubscribing the amount of gold/silver they actually hold. You could get burned BIG TIME using this service.
It is best (although, perhaps less convenient) to hold physical. I have a small safe in which I store my bullion.
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bertie
10:39 Fri Oct 6
Re: Keeping money safe
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When you are referring to gold/silver. Pardon my ignorance does that actually mean holding the physical metal or some sort of "electronic share" represented by the metal. Just thinking about the practicalities of buying it and holding it.
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Ronald_antly
9:25 Fri Oct 6
Re: Keeping money safe
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Jasnik wrote...
"Silver just drop in value in the market today so he lost some money already "
One assumes that he doesn't want to cash in his investment within a few days.
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Bouncing Ludo
11:04 Thu Oct 5
Re: Keeping money safe
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Premium Bonds is another fairly safe option and *can* give good returns. Max 50K though
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percyd
11:00 Thu Oct 5
Re: Keeping money safe
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bertie, not sure if it is doable from UK, but the state-owned bank here in NZ (Kiwibank) is offering 3.6% p.a. on a 270 day term deposit.
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Jasnik
1:52 Thu Oct 5
Re: Keeping money safe
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Silver just drop in value in the market today so he lost some money already
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Ronald_antly
12:59 Thu Oct 5
Re: Keeping money safe
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Tell him to exchange his CURRENCY for real money.
That is, silver and/or gold.
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J.Riddle
12:14 Thu Oct 5
Re: Keeping money safe
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As said bertie the bank o Riddle is at your disposal, we take any denominations ta.
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wanstead_hammer
12:03 Thu Oct 5
Re: Keeping money safe
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Fuckin el bertie, that must be some lumpy mattress he's sleeping on.
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Dicko75
11:58 Wed Oct 4
Re: Keeping money safe
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The governments have already shown they won't let any of the mainstream retail banks go pop but if he's that worried then stuck it in national savings or buy some gilts. The capital position of the banks are very different now to 2008 and UK retail and investment banking activity is being seperated next year to reduce the risks to personal customers even further so I don't think his concerns are legit as long as he goes with a mainstream provider.
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bertie
11:57 Wed Oct 4
Re: Keeping money safe
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Cheers gents. Amazing how many banks are linked.
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